Update on our Green Climate Fund Readiness Project: Assisting Vanuatu’s Private Sector to access Climate Finance

What is the Mobilizing the Vanuatu Private Sector towards Climate Action project?
In 2018 a project addressing the issues faced by the private sector in accessing climate finance was designed and submitted by the Vanuatu Business Resilience Council, a sub-committee of the Vanuatu Chamber of Commerce and Industry (VCCI), in partnership with Global Green Growth Institute (GGGi) to the Green Climate Fund (GCF) for consideration. The project was successful in securing funds from GCF in early 2019, and its first phase is set for completion in August 2020.

What is the Green Climate Fund?
The Green Climate Fund (GCF) is the world’s largest dedicated fund helping developing countries reduce their greenhouse gas emissions and enhance their ability to respond to climate change. It was set up by the United Nations Framework Convention on Climate Change (UNFCCC) in 2010. GCF has a crucial role in serving the Paris Agreement, supporting the goal of keeping average global temperature rise well below 2 degrees C. It does this by channelling climate finance to developing countries, which have joined other nations in committing to climate action.

Who are GGGI?
The projects delivery partner is the Global Green Growth Institute (GGGI), an international, organisation dedicated to supporting and promoting strong, inclusive and sustainable economic growth in developing countries and emerging economies. GGGI holds an MoU with VCCI for the implementation of this project. GGGI provides technical support in energy, water and tourism sectors of Vanuatu.

What is the Mobilizing the Vanuatu Private Sector towards Climate Action project currently doing?
Much has been achieved so far with the completion of the setting up of a Project Preparation Unit (PPU), designed to assist businesses in the private sector develop project proposals focused on mitigation and adaptation to present to donors with the endorsement of the Vanuatu government. A selection of Vanuatu’s best consultants have been identified to work with the PPU, and we are currently looking for great ideas to be submitted by businesses for consideration for development.

The project is focused on growing the capacity and the ability of MSMEs to not only survive but thrive in the face of climate change. Our first 3 day workshop will be held in Lonnoc, Santo from the 18-20 February 2020. The aim of the training workshop (for owner operators in the tourism and agriculture sectors) is to support small business owners to develop and grow their business models, while also planning and being prepared for the increasing impacts of climate change and natural disasters.
We look forward to bringing you more news as the project continues.

For more information please contact Terekea Kaltabang at the Vanuatu Chamber of Commerce and Industry at cfassistant@vcci.vu, or call 27543.